Quarterly Earnings: Lloyds Profits up 19x; Santander’s Profits up 5x; Deutsche Bank Profits At 7Y High
Lloyds reported pre-tax profits of £1.9bn ($2.6bn) in Q1 vs £100mn ($139mn) in the same period last year while revenues fell 7% YoY to £3.7bn ($5.1bn). Profits were boosted with a reduction in provisions with the bank reporting a net impairment credit of £323mn...
Citigroup Raises $5.5bn Via Three Trancher
Citigroup raised $5.5bn via a three-part offering. It raised: $500mn via a 4NC3 Floating Rate Note (FRN) at SOFR + 66.9bp as compared to initial guidance of SOFR equivalent $2bn via a 4NC3 bond at a yield of 0.981%, 17bp inside initial guidance of T+80bp area $3bn via...
HSBC Reports Strong Earnings; UBS Books $774mn Loss On Archegos Trades
HSBC reported solid results with Q1 adjusted profit before taxes more than doubling to $6.4bn and net profits up 82% to $4.6bn. All regions were profitable in the quarter, with HSBC particularly mentioning ‘HSBC UK Bank plc’ reporting pre-tax profits of over $1bn....
Credit Suisse Reports $275 Million Q1 Loss; To Raise $1.9bn After Archegos and Greensill Impact
Credit Suisse reported its Q1 earnings with net losses of CHF 252mn ($275mn). CS said the losses reflected a “significant charge with respect to the US-based hedge fund matter in 1Q21, offsetting positive performance across wealth management and investment banking”....
